The Tribune

Colina Holdings Bahamas yesterday reported another profitable quarter in 2013, with operational performance yielding a period-over-period increase in total premium revenue and an $11.7 million growth in the asset base.

The BISX-listed parent company of Colina Insurance, Colina General Insurance Agents & Brokers and CFAL, said net income attributable to the company’s ordinary shareholders for the nine months to end September rose to $7.3 million or $0.30 per ordinary share, compared to $7.1 million or $0.29 per ordinary share for the same period in the prior year.

Chairman Terence Hilts said: “Despite the prevailing economic climate, the Company continues to defend its leading market position and stable financial outlook.”

Total net premium revenues increased by 4.3 per cent to $93.5 million, compared to $89.6 million for the nine months ended September 30, 2012.

Colina Holdings’ total equity continued on an upward trend, rising to $134.6 million at September 30, 2013, compared to $127.9 million at December 31, 2012.

Total assets increased by $11.7 million to $594.8 million, from $583.1 million at December 31, 2012. Invested assets remain a significant proportion of the asset base, comprising 84 per cent of total assets.

“While the Company continues to produce positive results from its core insurance operations, the current economic environment has impacted net investment earnings, which stand at $19.3 million compared to $22.3 million in the same period in the prior year,” said Mr Hilts.

General and administrative expenses for the nine months ended September 30, 2013, increased to $25.8 million from $24.8 million in the prior year, but expense ratio remained within the targeted range.

“Our results over the third quarter of the year have us well positioned to deliver on our financial and operational targets for 2013, and I am confident that we will continue to create sustained value for all of our stakeholders during the final three months of this year,” added Mr Hilts.

“However, in light of legislative processes underway regarding tax reform, specifically a Value Added Tax (VAT), the xompany, like the rest of our industry, remains cautious about the new economic climate in which we will operate in 2014.

“We are working with our partners to fully define the possible impact that the new external environment will have on operations as we prepare for implementation.”